Hello, new here and apologies in advance if I am missing something. Trying to lease a car for the first time but the goal is to buy. Just got this deal that I am considering and will appreciate input on - a. if its a good deal and b. help understanding where I am saving money compared to buying.
MSRP - 59000
Dealer discount - 5000
EV Discount.- 7500
Total purchase price - 46500
Residual - 61% - ~36000
Lease acquisition - 650
Dealer fees - 1600
DMV fees and Taxes - 3000
Monthly payment - 650 per month for 36 months for 10K miles
If I am leasing to buy, don’t I end up paying approx. 26K over the lease, and then have to pay 36K at the end to buy for a total of 62K. Where am I saving the money from the dealer discount or the EV rebate? Sorry I am sure I am missing something obvious.
When doing a lease to buy strategy, you generally want to buy the lease out immediately to avoid seceral years of rent charge. Rarely does it make sense to carry the lease to term and then buy it out, unless there is a very low mf.
Thank you so much. So how do I do that? Can you please point me to a resource so that I can do some more homework? From what I read, it seems like I can buy it for the sale price, 46500, right after and terminate the lease? I mean will the company let me buy it for 46500 after I have done the first lease payment?
It’s actually way more than that. You’re going to pay 8.875% tax on the $36k RV and then finance charges based on probably a 7% used car loan APR.
If you’re getting captains chairs and never putting more than 2 kids in the third row then this is extremely expensive for that purpose (and it’s not useful for more than that). Get something like a Sorento instead (lease thru Ally and buy out the lease immediately). Or if you’re not plugging in every night then the Highlander hybrid as a traditional purchase/finance.
